The HDB Property Security Plan (HPS) is a compulsory property finance loan-decreasing insurance plan application administered by the CPF Board, designed to safeguard HDB flat proprietors as well as their households from getting rid of their property need to they turn into unable to service their housing personal loan as a consequence of Loss of life or a complete long term incapacity prior to the age of 65. The plan is Obligatory for flat proprietors who use their CPF savings to pay for their regular mortgage installments. HPS premiums are paid per year in the policyholder's CPF Common Account, with the Value determined by factors including age, gender, financial loan amount of money, and repayment interval. The coverage's coverage quantity is pegged towards the fantastic housing bank loan, and it decreases over check here time as the loan is compensated down. Homeowners who desire to be exempted from HPS can apply for a waiver by demonstrating they may have enough protection from other sources, which include A non-public life insurance or an endowment coverage.